The joint venture of Deutsche Bank, Germany’s biggest lender, and Al Azizia Commercial Investment Co., run by Saudi Arabia’s Prince Alwaleed bin Tala, which includes the Olayan Group and Savola Group, will offer investment banking and brokerage services in the kingdom, prince said in a statement received by email.

``Deutsche Bank wouldn’t be able to move in Saudi Arabia without a local partner, and they landed the biggest fish in the market,’’ Ihsan Buhulaiga, an economic adviser to the Saudi government, said in a telephone talk from Riyadh, the Saudi capital.

A number of high-profile international lenders, such as HSBC Holdings Plc, JPMorgan Chase & Co. and other, are severely competing for expansion of their business in the kingdom that earned surged oil revenue last year and provided more domestic production.

Deutsche Bank in 2003 turned to be the Western pioneer in Saudi Arabia’s banking industry since the kingdom nationalized the industry in 1980.